News
TheBottomLineJan10
Fair Work Changes 1 January 2010
On 1 January 2010 a number of changes in workplace relations came into effect:
• The introduction of new National Employment Standards (NES)
• Commencement of modern awards to replace previous complex award system
• Many employers in state systems (NSW, QLD, TAS, SA) moving into national workplace relations system
• All employers in national system must provide new employees with the Fair Work Information Statement.
The Fair Work Act provides a safety net of enforceable minimum employment terms and conditions through the NES. These 10 minimum workplace entitlements apply to all employees and employers in the national workplace relations system, with some exclusions for casual employees.
These conditions include a maximum standard working week, the right to request flexible working hours, annual leave, personal/carer’s leave and community service leave, and notice of termination and redundancy pay.
TheBottomLineDec09
We Are Taking a Break!
The Accounting For Your Future & Out Sourcery office will be closing for the Christmas break from 25th December 2009 and reopening on 11th January 2010.
We will be in touch with clients who have payroll payments to process during this period, to put in place alternative arrangements. During the break you can continue to send us emails.
Have a great Christmas and New Year and thanks for your support throughout the year.
TheBottomLineNov09
Fringe Benefit Tax for the Festive Season
It is important to consider fringe benefits tax (FBT) obligations when organising office Christmas parties and gifts for your employees and associates this festive season. The costs associated with Christmas parties (such as food and drink) are exempt from FBT if:
- they are provided on a working day on your business premises and consumed by current employees,
- they are held off the business premises and the cost per head is less than $300,
- the cost per head for employee associates, such as partners, held on or off the business premises is less than $300 a head.
For Christmas gifts provided to an employee at a company Christmas party, the benefits are considered associated benefits, however, each benefit will be considered separately to determine if they are less than $300 in value. There is no FBT payable for the cost of clients who attend your Christmas party or any client gifts you may provide.
TheBottomLineOct09
Consolidating Your Super
Last month we spoke about finding your lost super, this month we focus on consolidating all your super accounts into one fund. There are numerous benefits to keeping your super in one place. Apart from only paying one set of fees, you will also be able to keep track of your retirement savings easily and choose the most suitable investment strategy for your super.
It is important to keep in mind any exit fees that may apply and to compare the benefits, investment performance and options of all your superannuation funds first to ensure you don’t lose any important benefits, like insurance.
If you do decide to consolidate your super funds, you will need to complete a Rollover Form available from your superannuation fund provider. These are often available to download from their website. All you will need is the name, address and your member number for the old fund/s.
Click on the link below for a list of common super providers and links to their forms.
TheBottomLineSept09
Finding your Lost Super
If you have changed jobs, addresses or names, or your fund has not received contributions for you for 5 years than you may be reported as lost by your super fund. To help people consolidate their super into one fund and save on fees, the tax office has set up a tool to look for lost super.
SuperSeeker helps people locate lost super online, by phone or by filling in a Searching for Lost Super form. The online tool can provide you with possible matches instantly by searching the Lost Members Register and other tax office records. All you will need is your name, date of birth and tax file number.
If SuperSeeker finds a possible match it will provide the name and contact details of the super provider that may have your lost super. You can then contact the super provider to give them your new contact details and talk about what to do with your super.
TheBottomLineAug09
Education Tax Refund
A quick reminder for parents with school children to keep their receipts for expenses related to their children's education to include in their 2009 personal tax return. Eligible parents will be able to claim up to 50% on expenses with a maximum of $750 for each child attending primary school and $1500 for each child undertaking secondary studies.
Eligible expenses for the Education Tax Refund include laptops, home computers, home internet connections, printers, education software, trade tools for use at school, school text books and stationery. Costs such as school and uniform fees, tutoring or membership costs are not eligible for the tax offset.
To see if you are eligible to claim the Education Tax Offset follow the link below or contact our office.
TheBottomLineJune09
Personal Tax Return checklist
As the 30th June has come and gone, once more, it is time to start organising yourself to get your tax returns lodged for 2009. Tax returns can be lodged as soon as you have gathered all your information. AFYF has access through the Tax Office for extensions on lodgement of tax returns for many clients up to 15 March 2010. So you can choose to lodge early or take advantage of the extensions offered. Whether you lodge now or later you will need to gather your income and expenses detail.
Click on the link below for the attached personal tax return checklist. Once you have gathered all relevant documentation please call our office to make an appointment or to check on your lodgement due date.
TheBottomLineMay09
Budget Overview
A “temporary collapse in revenue” has prompted a “program of responsible borrowing” and “longer term nation building projects” by the Rudd Labour Government, as announced in the Federal Budget. The government hopes that this will provide the stimulus needed for the economy, with the aim of bringing the budget back to surplus in the medium term.
The Budget should be considered as responsible, as it delivers for working families and invests in Australia's future. It funds a substantial $55 billion Working Families Support Package; meets the Government's commitments; and begins a new era of responsible long term investment to strengthen our economy, fight inflation, and meet our future challenges from a position of strength.
No significant tax changes were announced, although measures have been proposed to reduce tax concessions for high income earners in the form of superannuation reform and changes to the private health insurance offset. Contrary to speculation, the incentive for first home owners has been extended and so has the small business tax break. Reform of the tax system is high on the agenda but tax cuts announced in last year's Budget will be honoured.
Click on the link for more information.
TheBottomLineApril09
Seize change, It's opportunity
“In this time of global economic change we should be converting hysteria to a change manifesto. The world has changed and will continue to change, but people within it are a constant and need strong direction, leadership and vision,” says Martin Nally, Managing Director and founder of human resources services company HR Anywhere.
Nally believes organisations and HR practice must evolve to meet present needs, suggesting many businesses fall short when it comes to performance reviews and staff evaluation because they don’t do it regularly. He believes that a fresh perspective would benefit many employers. “They should look at this time as an opportunity to truly develop people and give them a full change or job, or stretch assignments or secondments,” he says. “If they make sure the role is clear, give people the opportunity and trust them, they’ll be surprised at the capacity of people to operate exceptionally well in a changed environment.”
Click on the link below for more information.
TheBottomLineMar09
Do you qualify for the Tax Bonus?
In the midst of our nation’s economy which is in the worst slump since the 1930's, the Australian Government announced a 10.4 billion dollar stimulus package to help protect the economy from a global slowdown.
With the tax bonus nearing for millions of Australian’s, Prime Minister Kevin Rudd's $900 bonus cheque is on everybody’s mind and, with it's approach, it is important to understand what makes an individual eligible for the bonus.
If you earned less than $100,000 in the 2007-08 financial year, lodged your 2007-08 tax return by 30 June 2009 and if your adjusted liability is greater than zero (that is, you paid tax) you are a likely candidate for the tax bonus payment of up to $900.
Once your 2007-08 tax return has been lodged the Tax Office will automatically calculate your eligibility and entitlements and send your payment to you. Payments will start from early April 2009 and are tax free.
For more information on the bonus and to find out if you qualify, click on the link below.